Assessing the Currency Redesign Policy, Deviant Behaviour of Employees and Customers of Deposit Money Banks in Nigeria

Authors

  • Timinpere Ogele Court University of Africa, Toru-Orua, Nigeria
  • Oba Preye Inimiesi University of Africa, Toru-Orua, Nigeria

Keywords:

Naira Redesign Policy, Deviant Behaviour, Customers and Employees, Deposit Money Banks (DBMs), Central Bank of Nigeria (CBN)

Abstract

The currency redesign policy of the Central Bank of Nigeria, introduced and enforced between
2022-2023, has generated controversies and scholarly conversations among public policy analysts
and academics consequent upon the negative consequences. We draw on the frustration-aggression
theory and explored the links between the currency redesign policy and deviant behaviour of
customers and employees of Deposit Money Banks (DMBs) in Nigeria. In this paper, we employed
online survey and selected a sample of 319 research subjects using purposive sampling and
snowball sampling procedures through digital platforms and emails. We collected data with a
structured questionnaire from 319 respondents, consisting of 73 employees and 246 customers of
DMBs. The data are analysed with the application of t-test, regression analysis, Eta-Square and
Partial Lest Squares Regression with structural equation modelling. The study demonstrated that
bank employees and customers exhibited various forms of dysfunctional behaviour as responses
to the pervasive cash crunch due to the currency swap policy and related sweeping challenges
confronting the various sectors of the economy. We advanced recommendations and offer
penetrating insights into management scholarship, business-social psychology and economic
policy implications for financial institutions and monetary authorities.

Author Biographies

Timinpere Ogele Court, University of Africa, Toru-Orua, Nigeria

Department of Business Administration

Oba Preye Inimiesi, University of Africa, Toru-Orua, Nigeria

Department of Public Administration

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Published

2024-06-06

How to Cite

Timinpere Ogele, C., & Inimiesi, O. P. (2024). Assessing the Currency Redesign Policy, Deviant Behaviour of Employees and Customers of Deposit Money Banks in Nigeria. FUW-International Journal of Management and Social Sciences, 9(2). Retrieved from https://fuw-ijmss.com.ng/index.php/fijmss/article/view/105